Global market update: Soybeans strengthen as demand comes back into focus

Published 2022년 8월 18일

Tridge summary

Grain prices were mixed on Thursday, with soybeans seeing the most upside and CBOT wheat seeing the most downside. The USDA released better-than-expected export data, leading to increased prices for soybeans and corn. However, the U.S. Drought Monitor showing 66.6% of the United States in drought and potential for seasonally wet weather in the Southern Plains and parts of the eastern Corn Belt could impact production. In other news, Chinese, Taiwanese, and Philippine wheat imports were noted, and Turkey and Ukraine have signed a deal to repair infrastructure damaged during the Russian invasion.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

Grain prices were mixed on Thursday after some uneven technical maneuvering. Soybeans saw the most upside, with prices firming 1.25% higher after USDA released a better-than-expected round of export data this morning. Corn prices were also in the green, moving around 0.5% higher. CBOT wheat saw substantial cuts, in contrast, and fell for the fifth consecutive session as Ukrainian shipments pick up amid already uncertain U.S. demand. The latest updates to the U.S. Drought Monitor, released this morning, show 66.6% of the United States is covered by some level of drought through August 16. Regional variances are significant, with the bulk of the problems occurring in the West. For the Midwest, 33.2% of the region is currently affected, while in the High Plains, that percentage jumps to 78.0%. NOAA’s 8-to-14-day outlook shows the likelihood of seasonally wet weather in store for the Southern Plains and parts of the eastern Corn Belt between August 25 and August 31. On Wall St., the ...

Source: Prairie Grain Partners